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BTC, ETH, XRP, DOGE and SHIB Price Analysis for August 7

Mon, 08/07/2023 - 16:35
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Denys Serhiichuk
Which coins are ready to rise soon?
BTC, ETH, XRP, DOGE and SHIB Price Analysis for August 7
Cover image via www.tradingview.com

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The decline has continued on the cryptocurrency market as the rates of most of the coins keep falling.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 0.12% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, buyers are getting weaker as the price is about to fix below the vital zone of $29,000. If that happens, the drop is likely to continue to the area of $28,000-$28,250 until the end of the week.

Bitcoin is trading at $28,974 at press time.

ETH/USD

Ethereum (ETH) is less of a gainer than BTC as the decline has made up 0.09%.

ETH/USD chart by TradingView

Image by TradingView

A similar picture can be seen on the daily time frame of ETH as the price is on its way to testing the support at $1,816. If a breakout happens, the decrease may lead to the test of the $1,760-$1,780 area shortly.

Ethereum is trading at $1,820 at press time.

XRP/USD

XRP has lost more as its rate has declined by 2.13%.

XRP/USD chart by TradingView

Image by TradingView

XRP is testing the support level of $0.61 on the daily chart. If a bounce back does not happen and the candle closes around that mark, there is a high possibility of seeing an ongoing correction to the $0.57-$0.58 zone soon.

XRP is trading at $0.6117 at press time.

DOGE/USD

DOGE is not an exception to the rule, falling by almost 1%.

DOGE/USD chart byTradingView

Image by TradingView

Despite the fall, the rate of DOGE is far from the main levels, which means there are low chances of seeing any sharp moves soon. However, if the decline continues to the support at $0.07253, bears might seize the initiative that can lead to a further drop to $0.07.

DOGE is trading at $0.07360 at press time.

SHIB/USD

SHIB has followed the drop of DOGE, going down by 2.92%.

SHIB/USD chart by TradingView

Image by TradingView

The price of SHIB remains bullish as the rate is still above the crucial level of $0.00000878. If the false breakout of it happens, there is a possibility of seeing a bounce back, followed by an impulse to the $0.00000950 mark.

SHIB is trading at $0.00000899 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.